IKIO Lighting, a leading player in the LED services industry, has announced that its highly anticipated initial public offering (IPO) is open for subscription from June 6.
The IPO will consist of new equity shares as well as shares sold through an Offer for Sale (OFS).
According to the company’s filing with the Securities and Exchange Board of India (SEBI),
the IPO proceeds will be utilized for debt repayment and investment purposes, while also enabling the promoters to reduce their stake in the company.
The subscription window for this IPO will remain open for three days, ending on June 8, with the anchor investor bidding set to take place on June 5.
Details of the IKIO IPO:
The subscription period for the IKIO IPO will run from June 6 to June 8. The price band and lot size for the issue are yet to be determined.
The company plans to issue new equity shares amounting to Rs 350 crore.
In addition, promoters Hardeep Singh and Surmeet Kaur will sell 90 lakh shares, each with a face value of Rs 10, through the Offer for Sale.
The allocation for Qualified Institutional Investors (QIBs) is set at 50%, Non-Institutional Investors (NIIs) at 15%, and retail investors at 35%.
Listing and utilization of funds:
Allotment of shares is expected to be finalized on June 13, with listing on the NSE-BSE scheduled for June 16.
The proceeds from the issuance of new shares will be allocated towards debt repayment (Rs 50 crore) and investment in the company’s wholly owned subsidiary,
Ikeo Solutions, for the establishment of a new plant in Noida (Rs 212.31 crore).
The remaining funds will be utilized for general corporate purposes. Keffin Tech has been appointed as the Registrar to the Issue.
About IKIO Lighting:
IKIO Lighting specializes in providing LED lighting solutions, encompassing design, manufacturing, and sales under its own brand name.
The company operates four plants, including one in Sidkul Haridwar Industrial Park, Uttarakhand, and three in Noida, Uttar Pradesh.
In terms of financial performance, IKIO Lighting has demonstrated consistent growth, with a net profit of Rs 21.41 crore in FY 2020, Rs 28.81 crore in FY 2021, and Rs 50.52 crore in FY 2022.
The company’s robust financial health positions it well for expansion and success in the competitive LED services market.
